Illinois HB3737 introduces a tax deduction for premiums paid for individual health insurance plans.
HB3737 amends the Illinois Income Tax Act to create a tax deduction for premiums paid by the taxpayer for individual health insurance plans covering the taxpayer or their dependents. This deduction applies to taxable years beginning on or after January 1, 2026. The bill specifies various modifications and limitations to the deduction, including exemptions for certain types of income and deductions. It also details how the deduction interacts with other provisions of the Internal Revenue Code and Illinois state tax law.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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